SK hynix shares drop on Solidigm IPO rumors, KOSPI tech selloff
4.1 Markets SK hynix shares dropped sharply amid Solidigm IPO rumors and a broader tech selloff, with related companies also falling. The KOSPI index led Asian markets lower due to high U.S. yields and oil prices.
SK hynix Inc. (NASDAQ: SKHY) saw its American Depositary Shares drop 4.17% in premarket trading, following a 5.05% decline in its Seoul-listed shares. This drop occurred amid a broader selloff in semiconductor stocks, driven by speculation around a potential U.S. IPO for its subsidiary, Solidigm. The IPO could raise about $15 billion and value Solidigm at up to $150 billion, though plans are still in early stages. Related companies SK Square and SK Inc. also experienced significant declines, falling over 8% and 6% respectively. The KOSPI index led Asian markets lower, pressured by U.S. yields reaching 5% and oil prices at $106, which weighed heavily on tech stocks like Samsung Electronics and SK hynix. Foreign and institutional selling intensified after the Chuseok holiday, leaving the risk of further KOSPI adjustment unresolved. Despite the recent pullback, SK hynix’s ADRs remain about 25% above their Nasdaq debut price. The market remains sensitive to global rate changes and oil prices, with semiconductor-heavy indices particularly exposed.
